CBN/Commercial Banking - Abia ThinkTank News

Mar

2024

NSA Arrest Officials Responsible For Escape Of Binance Executive

Business, CBN/Commercial Banking, Crime, Economy, News Flash

NSA Confirms Escape Of Binance Executive, Arrests Officials Responsible The Office of the National Security Adviser (ONSA) has confirmed the escape of Nadeem Anjarwalla, the Binance regional manager for Africa. A statement by Zakari Mijinyawa, head of strategic communication at ONSA, said “preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport”. “The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,” the statement reads. Nadeem Anjarwalla, one of the two Binance executives detained in Nigeria for alleged…

Mar

2024

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By Abia ThinkTank

Binance Speaks As FGN Declared Crypto Giants Official Missing

Business, CBN/Commercial Banking, Crime, Economy, News Flash

Binance Speaks As FG Declares Crypto Giant’s Official Missing Global cryptocurrency exchange platform, Binance has reacted to reports that its official, Nadeem Anjarwalla, had escaped from detention in Nigeria. Confirming the report, spokesperson for Binance, Samantha Fuller, said that Anjarwalla was no longer in Nigeria. The crypto exchange said its concern continues to be the safety and well-being of its employees, and it is actively collaborating with Nigerian authorities to swiftly resolve the matter. “We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees, and we are working…

Mar

2024

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By Abia ThinkTank

Naira At N400 To Dollar Unrealistic – Kingsley Moghalu

CBN/Commercial Banking, Economy, News Flash

Naira At N400 To Dollar Unrealistic – Kingsley Moghalu A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has faulted the position of those expecting naira to stabilise at N400 to the dollar, describing it is unrealistic He wrote, “Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the Emefiele era central bank sought to maintain to please…

Mar

2024

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By Abia ThinkTank

N193 Billion Intervention Loans In Nigeria Declared Lost – CBN

CBN/Commercial Banking, Business, Economy, News Flash

N193 Billion Intervention Loans In Nigeria Declared Lost – CBN A report by the Central Bank of Nigeria, CBN, has revealed that out of the total loans of N10.3 trillion disbursed as intervention, N193 billion has been declared lost, and another N418.9 billion remains doubtful According to a CBN report published in September 2023, the bank’s intervention funds breakdown over the years is detailed. According to the report, out of the N10.3 trillion in intervention funds, less than N4.4 trillion has been repaid. In contrast, approximately N5.8 trillion remains outstanding. Some loans are tenured, meaning they only fall due when…

Mar

2024

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By Abia ThinkTank

CBN Clears All Fx Backlogs As External Reserves Rise To $34.11 Billion

CBN/Commercial Banking, Economy, News Flash

CBN Clears All FX Backlogs As External Reserves Rise To $34.11 Billion The Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso. In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims. She said the CBN engaged Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured. “Any invalid transactions were referred to the relevant authorities for further investigation,” she stated. This development comes just as the external…

Mar

2024

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By Abia ThinkTank

Nigerian Banks Announce Fresh Requirement For Customers Forex Request

CBN/Commercial Banking, Business, News Flash

Nigerian Banks Announce Fresh Requirement For Consumers Seeking Forex Nigerian banks said evidence of a recent three-year tax clearance certificate is now a prerequisite for banks’ consumers seeking foreign exchange Standard Chartered Bank disclosed this in a recent notification to customers. Accordingly, the bank said customers applying for forex transactions through ‘Form A’ must now provide three years of TCC, effective April 1, 2024. Other commercial banks, such as Fidelity Bank and Stanbic IBTC, have earlier released similar circulars for their customers. This requirement applies to new and existing Form A applications processed on the Central Bank of Nigeria’s CBN…

Mar

2024

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By Abia ThinkTank

Senate Passes Student Loan Bill

National Assembly, CBN/Commercial Banking, Education, News Flash

Senate Passes Student Loan Bill The Senate has passed the Student Loan, Access to Higher Education, Act 2024. The senate’s resolution followed its consideration of the report of the senate committee on tertiary institutions and TETFUND. The chairman of the committee, Senator Muntari Dandutse presented the report during plenary. Last week, President Bola Tinubu transmitted the Bill to the National Assembly for its consideration and passage. The Upper Legislative chamber had given the Bill an accelerated hearing by suspending relevant sections of its standing rules and referred the Bill to the Committee of the Whole for consideration. After debate on…

Mar

2024

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By Abia ThinkTank

Naira Appreciation Continues As USD Supply Surges At Forex Market

Business, CBN/Commercial Banking, Economy, News Flash

Naira Appreciation Continues As USD Supply Surges At Forex Market The Naira continued its appreciation against the US Dollar at the foreign exchange market as USD transactions surged. FMDQ data showed that the Naira appreciated to N1,572.82 per USD upon resumption of trading on Monday compared to 1,602.75 on Friday. The figure represents N29.93 appreciation compared to the N1602.75 it traded on Friday. Similarly, this is first since March 5, 2024, that the country’s currency crossed to N1,572.82 per USD mark from an average of N1,600 per USD. This is because USD transactions surged 2.20 per cent, reaching $140.45 million…

Mar

2024

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By Abia ThinkTank

FGN Postpones Students Loan Launch Indefinitely

CBN/Commercial Banking, Education, News Flash

FG Postpones Students Loan Launch Indefinitely The Federal Government has postponed the launch of the Nigerian Students Loan Scheme indefinitely. The Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, made this known during an interview with ARISE NEWS on Tuesday. In June 2023, President Bola Tinubu signed a bill to start a Students Loan Fund that would give interest-free loans to Nigerians for higher education. A former Speaker of the House of Representatives, Femi Gbajabiamila, proposed the bill and it was supposed to start between September and October 2023. Meanwhile, Tinubu said the programme would begin in January…

Mar

2024

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By Abia ThinkTank

U.S. Court Gives Fresh Orders To Finance Founder Money Laundering Charges

CBN/Commercial Banking, Crime, Economy, News Flash, World News

U.S. Court Gives Fresh Orders To Binance Founder Over Money Laundering A U.S. district court has ordered that Binance founder Changpeng Zhao must surrender his Canadian passport and notify the court before travelling within the country. This comes after U.S. District Judge, Honorable Richard A. Jones restricted the bond conditions of Binance founder. The court ordered the businessman to surrender all valid and expired passports. The documents are to be transferred to a person his lawyers will hire, who will accompany the Binance founder on all trips where a passport may be needed. He must also notify the relevant authorities…